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Zynga stock tumbles after gaming stumble

Posted By GABRIELLE LEVY, UPI.com   |   July 26, 2013 at 5:08 PM
Shares for online gaming company Zynga fell sharply Friday after the company decided to halt efforts to launch real-money gaming Thursday.

The San Francisco-based company saw shares (ZNGA) fall to $3.01, down 14 percent, the largest single-day drop since last July, at one point hitting a nadir of $2.81.

“While the company continues to evaluate its real-money gaming products in the U.K. test, Zynga is making a focused choice not to pursue a license for real-money gaming in the U.S.,” the company said in a statement.

This week's disappointment comes after a year of optimism -- and 48 percent stock growth -- that Zynga could tap into the gambling market and turn it into real revenue.

Zynga also said user access had dropped and forecast lower third-quarter sales.

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